Judge: Olivia Rosales, Case: 22NWCV00092, Date: 2022-10-25 Tentative Ruling

Case Number: 22NWCV00092    Hearing Date: October 25, 2022    Dept: SEC

STERLING NATIONAL BANK v. PRECISION FORGING DIES, INC., et al.

CASE NO.:  22NWCV00092

HEARING:  10/25/22 @ 9:30 AM

#2

TENTATIVE RULING

Plaintiff Sterling National Bank’s unopposed applications for writ of possession against Precision Forging Dies, Inc. and Dan Kloss are GRANTED.  No bond.  

Moving Party to give NOTICE.

Plaintiff Sterling National Bank applies for a writ of possession pursuant to CCP § 512.010 et seq.

Upon the filing of the complaint or at any time thereafter, the plaintiff may apply for a writ of possession.  (CCP § 512.010(a).)  The application shall include all of the following, which may be established by affidavit, pursuant to CCP § 512.101(b):

1.    The basis of the plaintiff’s claim that the plaintiff is entitled to possession;

2.    A showing that the property is wrongfully detained and of the manner in which defendant came into possession;

3.    A particular description of the property and a statement of its value;

4.    The property’s location based on plaintiff’s knowledge, information and belief; and

5.    A statement that the property has not been seized by statute or execution against it.

The writ will be issued if the plaintiff’s claim is probably valid.  (CCP § 512.040(b).)  A writ to take possession of property at a private location requires the plaintiff to show probable cause that the property is located there.  (CCP § 512.060(b).)

Defendants entered into agreements, giving Plaintiff the right to immediate possession of the collateral upon default.  (Lopez Decl, ¶¶ 23, 42.)  Defendants defaulted.  (Id.)  The property and fair market values of the property are:  Mighty Viper VMC-2100 Vertical s/n 020090: $65,000.00; Mighty Viper CNC Vertical s/n 7581712012: $125,000.00; Mighty Viper VTL-20.25 Vertical s/n 7661301011: $150,000.00; Mighty Viper VT-50X4000 Vertical s/n 9540611011: $60,000.00; Mighty Viper Fanuc Double Column Machining Center s/n 770212: $150,00.00; Mighty Viper Fanuc Vertical Machining Center s/n 304654: $75,000.00.  (Id., ¶ 45.)  The property is not being seized pursuant to an execution or attachment.  (Id. at ¶ 8.)  The property is believed to be located at 10710 Sessler Street, South Gate, CA 90280.  (Id. at ¶ 41.)  Based on Plaintiff’s declaration and lacking any opposition, Plaintiff has established probability of the claim. 

Undertaking:  A bond must be posted as part of the undertaking unless the court finds that the defendant has no interest in the property.  (CCP § 515.010(b).)  The undertaking must be in an amount equal to twice the value of the defendant's interest in the property (market value less all liens, etc.).  (CCP § 515.010.)  Defendant’s interest is based on the market value of the property less (1) any amount due and owing on any conditional sales contract or security agreement, (2) all liens and encumbrances on the property, and (3) any other factors to determine the defendant’s interest in the property.  (CCP § 515.010(a).)

Since the balance owed ($682,068.9) is greater than the value ($625,000.00), Defendants have no interest in the property.  Plaintiff is not required to post an undertaking.  

Accordingly, Plaintiff’s applications for writ of possession are GRANTED.  No bond.